Published: Sunday, October 13, 2013 at 6:30 a.m.

Last Modified: Saturday, October 12, 2013 at 6:34 p.m.

Signage directs customers to their wanted destination at Market Street at Heath BrookTuesday afternoon, July 9, 2013. The mall has new owners. The bankruptcy court, which oversaw bankruptcy proceedings of The Ocala Shoppes, approved a plan for the previous owners to pay off debts and for the outdoor mall to change hands. A Delaware-based company paid $16.5 million for the property. The deal does not include anchor store Dillards, which bought its building earlier this year. The mall originally cost $100 million. In a foreclosure lawsuit, mortgage holder Bank of America said The Ocala Shoppes owed it $130 million.

Doug Engle/Ocala Star-Banner

The venue opened in 2008, at the beginning of the recession, as other businesses were starting to shrink or even close. The previous owners filed for bankruptcy when they couldn't pay lenders the $100 million mortgage, the largest default ever in Marion County.

The new owners have hired an Orlando marketing company and, later this week, are inviting commercial real estate brokers, elected officials and the public to discuss the plaza's future. At least 80 brokers are expected to attend.

Barney McAuley, a managing partner at Dallas-based Tricom Real Estate Group, one of the mall's two new owners, said the plaza will see the kind of business the original developers intended.

“This is a slow process. It will take several years to get the center to where we want it,” McAuley said. “But what we are seeing is Ocala coming out of its (economic) downturn, and a lot of (businesses) are trying to expand to our side of town.”

Tricom and the MGHerring Group, also based in Dallas, bought Market Street earlier this year for $16.5 million. The new owners have time on their side, McAuley said. The bargain price together with the owners' financial stability allow them to offer financial incentives for potential tenants and also gives them time to fill vacancies without the crushing burden of the $100 million mortgage.

One of the marketing goals is to attract existing local and regional business. McAuley said the plan isn't to poach from other shopping areas; rather, it's to put Market Street on the top of the list of potential locations for businesses if they want to expand west.

He said he does not see Paddock Mall as a competitor, but does see Market Street building on the strength of its existing national retailers like Dillard's, Barnes & Noble and Dick's Sporting Goods. McAuley said he hopes to continue to attract mature, established shoppers who already visit some of the shops at Market Street, but he also wants to attract younger shoppers.

One of the most important goals is to make sure existing tenants continue to do well because that will, as much as anything else, attract new tenants, he said.

Although the owners will be aggressive in getting new business, “we don't want to open stores and have them close again,” McAuley said.

To ensure that doesn't happen, he said they will meet with prospective tenants and examine their business plans and check their credit and retail history.

Meanwhile, McAuley said, he continues to negotiate with prospective tenants and hopes to make announcements soon about new stores.

Asked what store he would like to see next, he said Market Street owns an undeveloped 4.1 acres that would make a good location for a movie complex.

Part of the plan soon after buying Market Street was to hire a marketing firm that had local commercial real estate contacts and understood the retail area. The owners hired Orlando-based Crossman & Company.

“Our No. 1 job is to get local tenants into the property,” said that firm's owner, John Crossman.

Crossman said he knows not all retailers will pick Market Street as the place to set up shop, but the goal is to at least have every business moving to the area know about and consider Market Street. And that takes aggressive marketing, he said.

Market Street has many things working for it, namely location — State Road 200 west of Interstate 75 — an attractive city with residents who want businesses to succeed, and motivated owners who want to make deals, he said.

Market Street applies a traditional approach to how retail space is presented to shoppers. Crossman said that in large cities, with a lot of pedestrian traffic, a variety of stores and services are located in close proximity. After the 1940s, businesses started separating retail from other services, such as legal and medical.

He said his goal is to mix retail and service-oriented businesses together again, showing both that each would benefit from the presence of the other.

“It makes more sense to be in a shopping plaza,” he said, adding that the cost for a service-oriented business was likely lower in a plaza than leasing stand-alone buildings.

Such a mix also would allow shoppers to take advantage of a scope of businesses all in one location, he said.

“It was an anomaly to break them (retail and service businesses) apart,” Crossman said.

Helping Market Street is also Ocala's location within the region. The Villages is growing to the south and economically stable Gainesville is to the north, Crossman said.

Bartow McDonald, managing director of Sperry Van Ness in Ocala, said new ownership that isn't burdened with too much debt and willing to work with tenants brings the kind of stability businesses want. And to hold a meet-and-greet with commercial brokers and the public “is a great idea, and we're very excited to see this,” he said.

He also said Market Street's new ownership and other stores recently moving to Ocala “clearly signals that we're seeing the return of retail in Marion County.”

<p>The new owners are aggressively marketing the 60-acre Market Place at Heath Brook outdoor mall.</p><p>The venue opened in 2008, at the beginning of the recession, as other businesses were starting to shrink or even close. The previous owners filed for bankruptcy when they couldn't pay lenders the $100 million mortgage, the largest default ever in Marion County.</p><p>The new owners have hired an Orlando marketing company and, later this week, are inviting commercial real estate brokers, elected officials and the public to discuss the plaza's future. At least 80 brokers are expected to attend.</p><p>Barney McAuley, a managing partner at Dallas-based Tricom Real Estate Group, one of the mall's two new owners, said the plaza will see the kind of business the original developers intended.</p><p>“This is a slow process. It will take several years to get the center to where we want it,” McAuley said. “But what we are seeing is Ocala coming out of its (economic) downturn, and a lot of (businesses) are trying to expand to our side of town.”</p><p>Tricom and the MGHerring Group, also based in Dallas, bought Market Street earlier this year for $16.5 million. The new owners have time on their side, McAuley said. The bargain price together with the owners' financial stability allow them to offer financial incentives for potential tenants and also gives them time to fill vacancies without the crushing burden of the $100 million mortgage.</p><p>One of the marketing goals is to attract existing local and regional business. McAuley said the plan isn't to poach from other shopping areas; rather, it's to put Market Street on the top of the list of potential locations for businesses if they want to expand west.</p><p>He said he does not see Paddock Mall as a competitor, but does see Market Street building on the strength of its existing national retailers like Dillard's, Barnes & Noble and Dick's Sporting Goods. McAuley said he hopes to continue to attract mature, established shoppers who already visit some of the shops at Market Street, but he also wants to attract younger shoppers.</p><p>One of the most important goals is to make sure existing tenants continue to do well because that will, as much as anything else, attract new tenants, he said.</p><p>Although the owners will be aggressive in getting new business, “we don't want to open stores and have them close again,” McAuley said.</p><p>To ensure that doesn't happen, he said they will meet with prospective tenants and examine their business plans and check their credit and retail history.</p><p>Meanwhile, McAuley said, he continues to negotiate with prospective tenants and hopes to make announcements soon about new stores.</p><p>Asked what store he would like to see next, he said Market Street owns an undeveloped 4.1 acres that would make a good location for a movie complex.</p><p>Part of the plan soon after buying Market Street was to hire a marketing firm that had local commercial real estate contacts and understood the retail area. The owners hired Orlando-based Crossman & Company.</p><p>“Our No. 1 job is to get local tenants into the property,” said that firm's owner, John Crossman.</p><p>Crossman said he knows not all retailers will pick Market Street as the place to set up shop, but the goal is to at least have every business moving to the area know about and consider Market Street. And that takes aggressive marketing, he said.</p><p>Market Street has many things working for it, namely location — State Road 200 west of Interstate 75 — an attractive city with residents who want businesses to succeed, and motivated owners who want to make deals, he said.</p><p>Market Street applies a traditional approach to how retail space is presented to shoppers. Crossman said that in large cities, with a lot of pedestrian traffic, a variety of stores and services are located in close proximity. After the 1940s, businesses started separating retail from other services, such as legal and medical.</p><p>He said his goal is to mix retail and service-oriented businesses together again, showing both that each would benefit from the presence of the other.</p><p>“It makes more sense to be in a shopping plaza,” he said, adding that the cost for a service-oriented business was likely lower in a plaza than leasing stand-alone buildings.</p><p>Such a mix also would allow shoppers to take advantage of a scope of businesses all in one location, he said.</p><p>“It was an anomaly to break them (retail and service businesses) apart,” Crossman said.</p><p>Helping Market Street is also Ocala's location within the region. The Villages is growing to the south and economically stable Gainesville is to the north, Crossman said.</p><p>Bartow McDonald, managing director of Sperry Van Ness in Ocala, said new ownership that isn't burdened with too much debt and willing to work with tenants brings the kind of stability businesses want. And to hold a meet-and-greet with commercial brokers and the public “is a great idea, and we're very excited to see this,” he said.</p><p>He also said Market Street's new ownership and other stores recently moving to Ocala “clearly signals that we're seeing the return of retail in Marion County.”</p>